Supporting Letters of Credit Sample Clauses

Supporting Letters of Credit. As continuing security for the prompt and punctual payment and performance of all Obligations, the Customer Agent shall cause one or more Letters of Credit to be issued for the benefit of the Metal Supplier to the extent required by Section 9.27 hereof, and maintain such Letters of Credit at all times until payment in full of the Obligations and termination of the Metal Supplier’s obligations hereunder.
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Supporting Letters of Credit. The Borrower and the Servicer may from time to time cause to be issued and delivered to the Administrative Agent (and so long as any Enhanced Loans shall be outstanding, shall cause to be maintained) one or more letters of credit that are Eligible Supporting Letters of Credit (a “Supporting Letter of Credit”) issued by Xxxxxxxx Supporting Letter of Credit Providers. The Administrative Agent may, or at the direction of any Enhanced Lender shall, from time to time, draw amounts under any Supporting Letter of Credit (or any other letter of credit that names the Administrative Agent as the beneficiary thereof) and use the proceeds thereof to reduce the aggregate outstanding Principal of Enhanced Loans by applying such proceeds in accordance with Section 3.01(f), (i) as required to reduce the aggregate Principal of the Enhanced Loans (A) so that the Aggregate Principal equals the Enhanced Borrowing Base at such time, (B) so that the Aggregate Principal equals the Facility Limit at such time, and (C) of a Group so that the aggregate Principal of all Loans of such Group equals the related Group Limit at such time, and (ii) during the continuance of an Event of Termination or following the Termination Date, as required to reduce the aggregate Principal of the Enhanced Loans to zero, provided that in no event will the Supporting LC Amount or the aggregate amount drawn under Supporting Letters of Credit by the Administrative Agent exceed an amount equal to the product of (x) [REDACTED] and (y) the largest amount of Aggregate Principal outstanding as of any date of determination.
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Supporting Letters of Credit. The US Borrower shall, at all times, maintain the Supporting Letters of Credit in an amount not less than the amount specified in the most recently delivered US Borrowing Base Certificate, except that, not more frequently than once per Fiscal Month, the US Borrower may, upon not less than two (2) Business Days prior written notice to the Administrative Agent, withdraw any Supporting Letter of Credit, if (a) immediately before such withdrawal no Default or Event of Default exists or would exist after giving effect thereto, (b) prior to and after giving effect to such withdrawal, the US Availability shall not be less than zero, (c) the US Borrower delivers a US Borrowing Base Certificate to the Administrative Agent reflecting solely the change in the US Borrowing Base, after giving effect to such withdrawal and (d) the US Borrowing Base shall be reduced immediately without notice upon such withdrawal. Each Supporting Letter of Credit will be automatically removed from the calculation of the US Borrowing Base on the earlier of (x) the thirtieth (30th) day prior to the expiration date of such Supporting Letter of Credit and (y) September 1, 2012, (ii) notwithstanding anything to the contrary contained herein, the US Borrowing Base shall be reduced immediately without notice upon such removal and (iii) in the event the US Availability is less than zero on such occasion, the Administrative Agent may draw upon such Supporting Letter of Credit without prior notice and the proceeds of which shall be applied in accordance with Section 2.18.
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Supporting Letters of Credit. The Borrowers shall deliver or cause to be delivered to the Agent and shall maintain Supporting Letters of Credit in an aggregate stated amount of at least $76,000,000 on terms acceptable to Agent; provided, that such Supporting Letters of Credit may be reduced or terminated after the Closing Date at any time all of the following conditions are satisfied: (a) no Default or Event of Default has occurred and is continuing, (b) Agent has received satisfactory results of its initial post-closing field examination of Holdings and the Company, (c) the Revolver Commitment of Bank of America has been successfully syndicated (with Bank of America achieving its targeted hold level described in the Fee Letter), and (d) average daily Availability for the most recently ended month is greater than $40,000,000 after giving pro forma effect to such reduction or termination. Notwithstanding the foregoing, if no Default or Event of Default has occurred and is continuing or would result therefrom, the Supporting Letters of Credit may be reduced or terminated in a maximum amount not to exceed the lesser of (i) the aggregate amount of all Additional Equity Contributions not otherwise utilized for a reduction to the Specified Supplier Letter of Credit and (ii) $10,000,000.
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Supporting Letters of Credit. The Supporting Letters of Credit shall have not been issued on terms and conditions reasonably acceptable to Lender.
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Supporting Letters of Credit. The Supporting Letters of Credit shall have issued and delivered to the respective Utility Providers.
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Supporting Letters of Credit. If any Supporting Letter of Credit expires or is cancelled before the time it is to expire in accordance with its terms and is not timely replaced with an equivalent Letter of Credit; or
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Related to Supporting Letters of Credit

  • The Letters of Credit Prior to the Closing Date, the Existing Issuing Banks have issued the Existing Letters of Credit which from and after the Closing Date shall constitute Letters of Credit hereunder. Each Issuing Bank (other than the Existing Issuing Banks) severally agrees, on the terms and conditions hereinafter set forth, to issue letters of credit (the “Letters of Credit”) in U.S. Dollars for the account of the Borrower in support of obligations (including, without limitation, performance, bid and similar bonding obligations and credit enhancement) of the Borrower and its Affiliates, from time to time on any Business Day during the period from the Effective Date until the Business Day before the Termination Date in an aggregate Available Amount (i) for all Letters of Credit issued by such Issuing Bank not to exceed at any time the lesser of (x) the Letter of Credit Facility at such time and (y) such Issuing Bank’s Letter of Credit Commitment at such time and (ii) for each such Letter of Credit not to exceed the Unused Revolving Credit Commitments of the Lenders at such time; provided, however, that in no event shall the aggregate Available Amount for all Letters of Credit exceed $200,000,000; provided, further, that neither Bank of America, National Association, nor SunTrust Bank shall be required, without the consent of such Issuing Bank, to issue Letters of Credit in excess of $100,000,000 outstanding for each such Issuing Bank. No Letter of Credit shall have an expiration date (including all rights of the Borrower or the beneficiary to require renewal) later than the Business Day before the Termination Date. Within the limits of the Letter of Credit Facility, and subject to the limits referred to above, the Borrower may request the issuance of Letters of Credit under this Section 2.01(b), repay any Letter of Credit Advances resulting from drawings thereunder pursuant to Section 2.04(c) and request the issuance of additional Letters of Credit under this Section 2.01(b); provided, however, that neither Bank of America, National Association, nor SunTrust Bank shall be required to issue Letters of Credit in excess of $100,000,000 outstanding for each such Issuing Bank.

  • Existing Letters of Credit The parties hereto agree that the Existing Letters of Credit shall be deemed Letters of Credit for all purposes under this Agreement, without any further action by the Borrower.

  • New Letters of Credit So long as any Lender is a Defaulting Lender, no Issuing Bank shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

  • Requesting Letters of Credit The Borrower must make written application for any Letter of Credit at least three Business Days (or such shorter period as may be agreed upon by the LC Issuer) before the date on which the Borrower desires for LC Issuer to issue such Letter of Credit. By making any such written application, unless otherwise expressly stated therein, the Borrower shall be deemed to have represented and warranted that the LC Conditions described in Section 2.07 will be met as of the date of issuance of such Letter of Credit. Each such written application for a Letter of Credit must be made in the form of the Letter of Credit Application. If all LC Conditions for a Letter of Credit have been met as described in Section 2.07 on any Business Day before 11:00 a.m., LC Issuer will issue such Letter of Credit on the same Business Day at LC Issuer’s Lending Office. If the LC Conditions are met as described in Section 2.07 on any Business Day on or after 11:00 a.m., LC Issuer will issue such Letter of Credit on the next succeeding Business Day at LC Issuer’s Lending Office. If any provisions of any LC Application conflict with any provisions of this Agreement, the provisions of this Agreement shall govern and control. Unless otherwise directed by the L/C Issuer, the Borrower shall not be required to make a specific request to the L/C Issuer for any extension of an Auto-Extension Letter of Credit. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than five Business Days prior to the end of the Commitment Period; provided, however, that the L/C Issuer shall not permit any such extension if (A) the L/C Issuer has determined that it would not be permitted at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof, or (B) it has received notice (which may be by telephone or in writing) from the Administrative Agent, any Lender or the Borrower on or before the day that is five Business Days before the last day in which notice of non-extension for such Letter of Credit may be given that one or more of the applicable conditions specified in Section 4.02 is not then satisfied, and directing the L/C Issuer not to permit such extension.

  • Outstanding Letters of Credit On the effective date of such increase, each Increasing Lender and each New Lender (i) will be deemed to have purchased a participation in each then outstanding Letter of Credit equal to its Ratable Share of such Letter of Credit and the participation of each other Lender in such Letter of Credit shall be adjusted accordingly and (ii) will acquire (and will pay to the Administrative Agent, for the account of each Lender, in immediately available funds, an amount equal to) its Ratable Share of all outstanding Participation Advances.

  • Extended Letters of Credit Each Revolving Lender confirms that its obligations under the immediately preceding subsections (i) and (j) shall be reinstated in full and apply if the delivery of any Cash Collateral in respect of an Extended Letter of Credit is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise.

  • Loans and Letters of Credit On the Closing Date:

  • First Loans and Letters of Credit On the Closing Date:

  • New Swing Loans/Letters of Credit So long as any Lender is a Defaulting Lender, (i) the Swing Line Lender shall not be required to fund any Swing Loans unless it is reasonably satisfied that it will have no Fronting Exposure after giving effect to such Swing Loan and (ii) no LC Issuer shall be required to issue, extend, renew or increase any Letter of Credit unless it is reasonably satisfied that it will have no Fronting Exposure after giving effect thereto.

  • Letters of Credit (a) The Letter of Credit Commitment.

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